Archambault: investigation of 38 Studios deal needed

9/4/2014

Archambault: investigation of 38 Studios deal needed

SMITHFIELD - Senator Steve Archambault said in a press release this week that he is continuing his call "for a non-partisan, independent and complete investigation of the State's dealings with now bankrupt 38 Studios."

Archambault added that he has also pledged to "reintroduce legislation" that he co-sponsored last session "aimed at accomplishing (this) goal."

The press release noted that 38 Studios, owned by former Red Sox pitcher Curt Shilling, "failed only 18 months or so after receiving a $75 million state loan guarantee, leaving state taxpayers on the hook."

According to Archambault, the bipartisan legislation which he said he will reintroduce "requires the formation of a nine-member commission with subpoena powers whose mission it is to get to the bottom of the 38 Studios mess and other ill-advised large loans made by the State's Economic Development Corporation, now known as the R.I. Commerce Corporation."

Archambault said that he is a "long-time critic of the 38 Studios deal" and that he "originally signed on to the legislation at the beginning of this past General Assembly session, well before the events surrounding Speaker Fox's resignation.

He added, "Rhode Islanders deserve to know the whole and unvarnished truth about the 38 Studios debacle. It is only by getting all the facts out that we can learn from our mistakes and make sure this kind of large-scale waste of taxpayers' money never happens again."